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LONDON – Shein, one of the world’s largest fast-fashion retailers, is having a mild time in the market.
As reported, Tapestry’s Coach filed a suit against the fast-fashion specialist for trademark counterfeiting, federal trademark infringement, false advertising and unfair competition.
But the brand continues to forge ahead. In a report from data and analytics company GlobalData, Shein came out on top as the brand with the largest growth in market share for 2024 in the apparel category.
The brand’s market share has grown by 0.24 percentage points since 2023, a rate that beat out the likes of Nike, H&M and Louis Vuitton, which fell by 0.15, 0.01 and 0.03 percentage points, respectively.
Pippa Stephens, senior apparel analyst at GlobalData, said Shein’s growth was “driven by its ultra-low price points and fast reaction to fashion trends, which helped it stay ahead of competitors despite the continued criticism regarding its labor practices and environmental impact.
“Shein’s meteoric rise has subsequently taken share away from other fast-fashion online pure plays, especially Asos and Boohoo, which have seen their sales plummet over the past few years,” she added.
According to the report, Adidas’ apparel market share grew by 0.17 percentage points, while Zara followed with a 0.05 percentage point growth.
Zara’s growth was credited to its reactive local supply chains that have adapted new fashion trends quickly and its appeal among a broad demographic of shoppers.
The report outlined that in the luxury category, Chanel and Hermès bucked the luxury slowdown numbers with growing market share.
Chanel grew by 0.59 percentage points, while Hermès came in at 0.55 percentage points.
Stephens said the two French brands experienced such results “due to high-income consumers being less vulnerable to economic hardships.”
The report added that Gucci suffered the biggest fall in numbers within the luxury category. The brand’s market share dropped by 0.10 percentage points.
Former creative director Sabato De Sarno’s muted styles were “failing to generate the buzz needed to revive the brand,” the report said.
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